CandleFocus Dogecoin No Longer Aiming for the Moon as Open Interest Shrinks by $458 Million
2024-10-08
Author: Content Editor
Dogecoin's price has been decreasing in the last seven days, raising concerns among investors who were hoping for a breakout. The open interest of Dogecoin has also decreased significantly, indicating that sellers have the advantage. This contradicts the recent bullish forecast and suggests that Dogecoin's price may drop further. Large holders of Dogecoin have also been selling, putting downward pressure on the price. The coin has formed a head-and-shoulders pattern, indicating a bullish-to-bearish reversal. If the price breaks below certain levels, it could decline even further. However, if investors hold onto their Dogecoin and buying pressure increases, the price could gradually rise.
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